LONDON, May 4 (Reuters) - European money market futures fell on Thursday after European authorities shelved reforms to how Euribor rates are set that could have led to lower daily fixings.

The Euribor rate will continue to be set under the existing methodology based on banks' quotes, the body that sets the reference rate said on Thursday after it discarded planned reforms, citing current market conditions.

The reforms were called for after several financial institutions were fined as part of an inquiry into how rates like Euribor and Libor, which determine the rates on loans and financial contracts across the globe, are set.

Euribor futures across the 2017 to 2019 strip fell 2-4 basis points as the implied rates on the future contracts rose.

Authorities have fined banks about $9 billion as part of the rate-setting inquiry. (Reporting by Abhinav Ramnarayan, editing by Nigel Stephenson)